If you need a car but have limited cash and credit, buy here pay here car lots is one of the few places in NJ left which will let you drive off with a car. Most car dealerships work with third party lenders or finance companies to finance the car purchases of their customers. These third-party lenders will usually approve loans using strict measures to assess credit worthiness.
Buy here pay here car dealers in NJ, on the other hand, will finance the car purchase for customers right on their car lots. They have full control over the approval process. In most cases, they are ready to provide loans to customers who are deemed less credit worthy by traditional lenders. They are prepared to and focused on offering subprime car loans for bad credit car buyers.
About 1 in 4 buy here pay here car purchasers nationwide is expected to default. To compensate for the higher risks taken, you can expect that these dealers will charge higher prices. However, it does not mean that car payments will be a lot of money. In fact, these dealers deliberately make sure that the down payments and weekly/ bi-weekly payments are low enough that it can be paid by the average customer with bad credit and financial problems.
What happens is that, over time, these payments will accumulate into a lot of money for the car dealers, making it worth their while to do business with low credit customers. Some buy here pay here car lots have been accused of having predatory pricing practices. So if you are considering buying a car from this type of car lot, make sure that you examine the deal offered to you carefully before agreeing to it.
A few buy here pay here car lots in the US have come under investigation by state and federal authorities. We were not able to identify any particular New Jersey buy here pay here car dealers that are currently under investigation. However, we do advice our readers to evaluate the deals and loan terms they are offered carefully before signing up.
Here are examples of Buy Here Pay Here car lots in NJ we found, along with some sample listings in their car inventory.
Gormley’s Auto Center
Gormley’s Auto Center is located in Gloucester City, NJ. They have been in business since 1976 and currently offers buy here pay here auto financing on their car lot. Their BHPH program is offered to anyone in their lending area without any credit check. They also have a certified vehicles program that is subject to more stringent credit conditions. They also have a credit application right on their website at gormleysauto.com.
Address and contact info:
101 Crescent Blvd, Rte 130 S, Gloucester City, NJ
866-900-2999
Sample buy here pay here car inventory listings:
Here are some sample car listings we found. Note that availability and pricing changes with time.
1999 Buick LeSabre Custom, Mileage 107,558 miles, Price $6495, Down Payment $1200
2006 Chevrolet Cobalt, Mileage 163,657 miles, Price $8495, Down Payment $1800
2001 Toyota Camry Solara SE V6, Mileage 160,846 miles, Price $7995, Down Payment $1500
Richardson Imports
Richardson Imports is located in Turnersville, NJ. This is a higher end used car dealership operated by the same owners who run Lexus of Cherry Hill, Lexus of Atlantic City, Liberty Toyota, Shore Toyota and other dealerships. According to their website, they strive to offer quality autos at discounted prices. Richardson Imports offer in house financing to their customers. Recently, they have added in house Buy Here Pay Here financing for customers. They will also report car payments to the main consumer credit agencies, a move that will help their customers rebuild their credit.
Address and contact info:
4700 Rt 42, Black Horse Pike, Turnersville, New Jersey
Phone (856) 842-0500
Sample buy here pay here car inventory listings:
These are some listings we found. Note that availability and pricing changes with time.
2003 Buick LeSabre Custom Sedan, Mileage 113,513 miles, Price unknown, Down Payment $1495
2007 Ford Focus ZX4 SE Sedan, Mileage 110,044 miles miles, Price unknown, Down Payment $1995
2007 Jeep Compass Sport SUV, Mileage 99,394 miles, Price unknown, Down Payment $3495
These are just two examples of buy here pay here car lots in NJ. Take a look at their websites, along with other websites and articles for more information before buying.
